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You know how important is your credit score for the balance of your financial life. Keeping your credit score high will ensure that the interest rates you pay will remain low. It will also make you eligible for all kinds of loans and credit cards. Everyone pays attention to your credit score, your bank, your employer, your landlord, your cell phone company, everybody. Here are some tips to keep your credit score high and balanced.
Ask for a higher credit card limit
Here's a tip to keep your credit card balance low. The amount of money you owe as a percentage of your total credit limit counts a lot to your credit score. For example if you have a $5000 credit limit and your credit card balance is $2500 you are at the 50% level, which is relatively high. What you can do to reduce your balance-level is to ask for a higher credit limit. For example if you are approved for a $10000 credit limit and you still owe $2500, you will automatically move to a 25% balance-level.
Know your credit score status
Find a way to order your credit reports from the credit bureaus, especially if you are not approved for a loan or for a credit limit raise. It is highly likely that there are errors on these reports. These errors are caused by lack of verification of information the credit bureaus receive from the creditors. Take a good look at the reports and look for these errors. It's up to you to keep your credit report clean so that it will reflect your financial status. You can then write a letter to the credit bureau asking them to correct the errors. Supply any information or documents as proofs.
Build a strong credit history
As time goes by you are building what the experts like to call Credit-History. Your history has a great impact on your credit score. If you have a long history and a positive financial behaviour, then everybody will be more confident and will lend you their money. Therefore it wouldn't be wise to cancel that old credit cards you don't use because you found a better deal somewhere else. The accounts associated with old credit cards remain active and there's a positive credit-history already created for you. Why not use those cards every once in a while to keep the accounts running?
Don't be fooled by credit repair companies
The best way to repair your credit score is to do it yourself. If you don't know what to do and you are ready to trust one of the thousands of credit repair companies out there, then you better think twice. More than half of them are a scam. It seems that everyone and their brother establishes such a company. It's difficult to discover the legitimate ones. Never pay such a company before they provide their services. Always ask information about your legal rights and be aware not to be involved in any illegal activities without even know it.
Make arrangements with the creditors
Sometimes it's a good idea to talk to your lender about that last late payment. Ask them if it's possible to erase it from your credit history. Some goodwill will never hurt you and you'll have the chance to develop a relationship that could be so beneficial for you in the future. If you don't want to talk to the creditor you can write them a letter and express your request in a polite manner. Remember you've got nothing to lose.
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